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Gold/Mining/Energy : Sprott Resource Corp (SCP.TO)

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To: the navigator who wrote (226)	4/27/2012 6:02:37 AM
From: TheSlowLane	of 247

Energy (well, oil anyway, natgas not so much) have been a good place to be as well. The type of deal that the latest one represents is one of the reasons I got into the company in the first place. It would not have been possible for retail to get in on this transaction, imo: Sprott Resource Corp. Announces US$50 Million Investment in Integrated Oil & Gas Driller TORONTO, March 5, 2012 /CNW/ - Sprott Resource Corp. ("SRC" or the "Company") (TSX: SCP) announced today that it has invested US$50 million in Independence Contract Drilling, Inc. ("ICD"), a newly formed company that will provide land-based contract drilling services in the U.S. through a fleet of technologically advanced, newly constructed drill rigs. SRC's investment was part of a US$100 million equity offering completed by ICD (the "Offering"). After giving effect to the Offering and certain concurrent transactions, SRC owns approximately 31.6% (basic) of ICD's outstanding common shares. As part of its investment, SRC has the right to appoint one member to ICD's board of directors.

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